Belgium: Transfer pricing audits process
Likely high-risk targets for audits are highly leveraged companies, those with large tax losses carried forward, and those with fluctuating profits. Belgium has increased the number of transfer pricing audits and expanded the team of transfer
See MoreTransfer Pricing Brief: January 2014
Argentina From 3 January 2014 there is a monthly reporting requirement for certain domestic transactions on the Argentinian market using Form F968. France Draft legislation introducing a presumption that profits are received if functions and
See MoreWTO panel mediates US-Korea Trade Dispute
One of the important functions of the World Trade Organization (WTO) is to provide a means of settling trade disputes between its member states. The Dispute Settlement Body of the WTO established a panel on January 22, 2014 to mediate in a dispute
See MoreUS: Senate democrat leader opposes Trade Promotion Authority renewal
The US Senate Majority Leader has expressed his opposition to the Trade Promotion Authority (TPA), despite the intention of President Obama to engage with Congress to pass the legislation providing for the renewal of the TPA. This opposition to the
See MoreUS: Republican Obama Care Abolition Plan Includes New Tax Credit
The recent healthcare reforms of the Affordable Care Act, known colloquially as Obama care, have been vehemently opposed by some sections of the US Congress. Three United States senators have now released a legislative outline of how the Republican
See MoreUS: publication on foreign tax credit for individuals
The US Internal Revenue Service (IRS) has released the 2014 revision of Publication 514 (Foreign Tax Credit for Individuals). The publication of 24 January 2014 is intended for use in preparing 2013 tax returns. Publication 514 explains the
See MoreUS: Internal Revenue Service (IRS) opens 2014 Tax Season
The US Internal Revenue Service (IRS) opened the 2014 United States filing season for individuals on January 31, highlighted a growing selection of online services, and encouraged taxpayers to check out a variety of tax benefits, such as the Earned
See MoreUS: Case Made For Progressive Consumed Income Tax
In a recent editorial article the President and CEO of the American Council for Capital Formation called for consideration to be given to a change from the current income tax code to a "progressive consumed income tax" in the United States. He
See MoreUS: Public comments requested on withholding certificates for foreign persons
The US Internal Revenue Service (IRS) and the US Treasury Department have issued a notice requesting comments on various IRS forms that are used as withholding certificates for foreign persons (i.e. certificates to claim reduced or zero withholding
See MoreUS agrees to tax talks with India under mutual agreement procedure
Following an approach by India the US tax authorities for finding a solution to tax cases of about 100 US companies that have opted for the Mutual Agreement Procedure (MAP), the US has now agreed for a meeting next month to discuss MAP, advance
See MoreUnited Kingdom – Proposals related to tax disputes and identifying scheme promoters
HM Revenue and Customs (HMRC) has issued consultation documents which include proposals for taxpayers to make accelerated payment of tax that is in dispute or subject to enquiry and for identifying “promoters” of tax avoidance schemes. The
See MoreUnited Kingdom – Councils to Retain Tax Revenues from Shale Gas Developments
On 13 January 2014, the UK Prime Minister announced that the local councils in the U.K. that approve shale gas developments will be able to retain 100 percent of business rates collected from local shale gas sites, doubling the current 50 percent
See MoreTurkey Raises Consumer Taxes
Turkey intends to increase state revenues by raising indirect taxes, fines and fees. An announcement by the Council of Ministers of Turkey on 1 January 2014 will increase purchase taxes on cars, alcoholic beverages, cigarettes and mobile phones, as
See MoreSpain extends latest deadline for cash accounting
The opportunity for Spanish companies to join the new cash reporting VAT scheme has been extend to 31 March 2014. The Spanish VAT cash accounting scheme was announced last year to help small businesses better manage their cash flows. It enables
See MoreSingapore levies Goods and Services Tax on Bitcoin
The Singapore tax authorities have recently issued guidance that the virtual digital currency, Bitcoin, is subject to Singapore goods and services tax (GST) at 7%. Although some financial services are exempt from VAT Bitcoin is regarded as a service
See MoreRussia Considers Tax Break for Landlords
Russia's Economic Development Ministry has recently proposed cutting tax rates for citizens who lease their apartments. This measure aims to reduce the numbers of unregistered landlords. The proposal involves reducing the tax on rent revenues to
See MoreOECD: BEPS-related transfer pricing documentation, country-by-country reporting draft guidance
On 31 January 2014 the Organization for Economic Co-operation and Development (OECD) released an initial draft of revised guidance on transfer pricing documentation and country-by-country reporting. This is related to Action 13 under the Base
See MoreNetherlands – Revised rules for employing foreign workers
A new law in the Netherlands (“Foreign Nationals Employment Act”), effective from 1 January 2014, concerns changes to the current labor market rules. The new law was followed by a re-write of the implementation rules. The law generally affects
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